Brits want new homes in Dubai to live in

July 29, 2008 by OPPE News

British nationals who moved to Dubai and took up residence there are creating a new demand for new homes for sale, according to one expert.

John Charcol Dubai says ex pats who have moved to the Emirate are now looking to buy properties rather than rent them.

Soaring rents appear to be encouraging Brits to splash out, even among those who did not move to the UAE with a view to investing in property.

John Charcol Dubai chief executive Chris Dommett said:

“The era of pumping hard-earned income into oblivion for rent is dissipating within Dubai’s expat community as educational awareness of the local mortgage market increases and home lending services become more accessible.”

The firm also said the growing volume and variety of Dubai mortgage options, coupled with low interest rates, are also enticing a growing number of ex pats to tap into the region’s booming real estate industry and invest in their own property.

Property investors looking to sell homes they have bought in Dubai could find the house-hunting ex pats create a new sales market.